Sri Lanka Allianz unit pre-tax profit up

March 19, 2009 (LBO) – The Sri Lanka unit of Allianz Insurance, a German insurer, said net profit before tax rose 63 percent to 86 million rupees in 2008 from 53 million rupees in 2007. Allianz Lanka said in a statement its pure Underwriting Profit comprises more than 47 percent of the total profit component.

The Underwriting Profits also grew by 28 percent to 41 million rupees in the year under review from 32 million in 2007.

“Allianz Lanka maintained the momentum of steady growth and profitability into its fourth year of operations in General Insurance, with Gross Written Premium (GWP) reaching 601 million rupees, a growth of 45 percent over the previous year’s GWP of 414 million,” the statement said.

“We are very pleased that we have achieved a GWP of over half-a-billion rupees within a short span of four years of operations and continuously increased underwriting profits in a difficult market,” Allianz Lanka chief executive Surekha Alles said.

Allianz Lanka attributes its strong performance to the implementation of several core business strategies and selective risk management and underwriting practices.

The firm launched Life insurance business in October